Rumor has it that iLike is currently in talks with MySpace about an acquisition deal.  MySpace is planning to acquire iLike at a price of $20 million.  This would be MySpace’s first acquisition since Owen Van Natta joined as CEO.

iLike has a sidebar that can be added to iTunes in order to discover new music and artists.  iLike also has an iPhone application that detects where you are located and tells you about upcoming concerts.  And iLike has a very popular Facebook application.  In total, the company has about 50 million registered users.

The company raised $16.5 million in funding from Ticketmaster, Scott Banister, Bob Pittman, and Vinod Khosla.  The company was valuated at $53.2 million based on the term sheets on their last round of funding.